Do you have a horse called Forex?

How many times have you fallen off and got back on again? In the early days i fell off quite a few times, and every time i did i said that’s it, I’ve had enough, i am never trading again. But after a few hours, or sometimes a few days, that horse would be looking at me and saying, come on, get back on, and let’s try again. Forex trading was in my blood.

I am sure many of you can relate to this situation. You really want to trade well, but you are struggling to find good entries, or your stops always seem to be getting hit, or you are doing silly things, like jumping in to try and catch a big move. You have a few good days and then wham, you’re off the horse again.

Trading can be very much like the Grand National for many traders, staying on the horse on the flat is not too much of a problem, but come to beecher’s brook, or the chair, and you are falling off again.

I am going to let you into a little secret. Many traders make a common mistake when they are trading, and that is they focus on making money, rather than being a successful trader.

Making money is a by product of being a great trader. You have to be a great trader first, and the money will come later. If you focus on making money you are trading emotionally, and if you are doing that you will make more mistakes, and you will fall off the horse more often.

Another common problem for a lot of traders is they do not really know what they are doing wrong, this is primarily because of a lack of knowledge. But if you are confident that you do know what you are doing wrong, but you are still struggling, then type out a list of the things you are doing wrong and keep it on your desk, or put it up on the wall in your trading room, to keep you focused.

Knowledge is everything in Forex trading.

To be a successful trader you have to have many qualities. The most important quality you need in my opinion is knowledge. You cannot be a successful trader without that. If you do not know how the market works, and what makes prices move, you will always struggle. You can have the other qualities that you need, like patience, and discipline, but without knowledge you will never be a consistently profitable trader.

All the information that you need to be a successful Forex trader is contained within the chart, but to be a successful trader you need to know how to read that chart.

Many traders think they can read a chart, but the truth is they can’t. They think they know what’s going on, but then the market does something weird, and unexpected, and what looked like a great set up, is now turning into a losing trade.

If you can relate to this, then you do not fully understand what the chart is telling you to do.

In my experience, the market will do something weird or unexpected about once a month on average. The rest of the time it does exactly what i expect it to do. So if you are experiencing unexpected weird market moves more regularly than that, then you lack the market knowledge needed to be successful. And let me tell you this right now, its not your fault you lack the knowledge you need, and its nothing to be ashamed of. Your knowledge is not up to scratch because the majority of information available to you to learn from, is poor at best.

Professional Forex training.

To be a great brain surgeon you need professional training, to be a great doctor you need professional training, etc etc. So why do some Forex traders think they can teach themselves to be a great trader? You would not try to do it in any other profession, so why try to do it in Forex? If you try to teach yourself how to be a brain surgeon you could kill someone. No one is going to die if you try to teach yourself how to trade, but your bank balance is going to get killed that’s for sure.

To be successful in any profession you need to have professional training. Why are 95% of Forex traders losing money? Because 95% of Forex traders are teaching themselves to trade, or paying a few 100 bucks for a pretty pathetic Forex training course that will not teach them anything of value.

Why are so many graduates looking for internships at investment banks, or hedge funds? Because they want to be trained by professional traders. If trading was easy they would pay a few 100 bucks for a Forex training course, and be on their way to their first million, but we all know that there is a little bit more to it than that.

So what conclusions can we draw from the experience of continually falling off the horse. Well the first conclusion is that you are doing something wrong. So if you do not find out what it is, and do something about it, you are going to continue to fall off. Doing the same thing over and over is going to produce the same result.

What do i need to become a winner?

In my experience the main problem you are facing is a lack of understanding. So you have to acquire the knowledge you need to be successful.

You have to find a professional trader that is prepared to educate you to give you the knowledge you need to be successful. Its a lot easier to be patient and disciplined if you have sound trading knowledge backing you up.

So if you have fallen off that horse called Forex more times than you care to remember, and you still want to get back on, then Forex trading is in your blood, and only 2 things can happen. You can either go broke, or you can reach out for help.

Realistically there is only one route you can take if you want to stay on the horse long enough to win the race. You need to be trained and mentored by a professional Forex trader.

If you have managed to make it to the end of this article, you now have 3 options.

Option 1. You can get back on the horse, do the same stuff, and fall off again, until you run out of money.
Option 2. You can contact me and i will teach you how to stay on the horse, and become a winner.
Option 3. You can shoot the horse and quit. 🙂

Which one are you going to choose? Option 2 looks like the favorite, and a pretty safe bet to me.